It takes the title from Tokyo, thanks in part to inflation, high transportation costs, high utility costs, and an excess of luxury retailers.

Tokyo remains the priciest location for everyday food items, while European cities tend to be priciest for recreation and entertainment.

New York City ranked #26 in EIU's ranking, a jump of only one spot from 2013. In comparison, it rose 19 spots the previous year.

The survey calculates cost of living based on prices for 160 products and services, including food, clothing, rent, and transportation. Each cost of living index is set in relation to New York's, which is fixed at a base of 100. We've selected a few price points to highlight costs in the world's most expensive cities.